Credit, Collections & Insolvency News
Financial advisory company, Begbies Traynor has announced that it has acquired a portfolio of 503 Scottish personal insolvency cases and a team of five fee earners, from Grant Thornton in a deal thought to be worth £500,000.
The acquisition will increase the group’s existing operations in Scotland, which provide corporate and personal insolvency together with restructuring advisory services, through an existing team of 36 partners and staff. The new team will operate from our Glasgow and Edinburgh offices following the acquisition. The acquired cases will be added to our existing Scottish personal insolvency portfolio of 1,500 cases.
The company says the deal involved an initial payment of £250,000, with the same on offer subject to fee income generated from the caseload post-completion.
Chairman Ric Traynor said “The acquisition of this team and cases will enhance our existing strong insolvency team across Scotland and I am very pleased to welcome them to the group. As we reported in our recent trading update, the group is in a strong position, trading well and we continue to seek opportunities to grow the business, both organically and through acquisitions.”
